This is an interim release that provides two categories of updates:

• An initial implementation of special due date handling for June 30 taxpayers for federal income taxes only. Other jurisdictions with June 30 taxpayer due date rules will be included in the 2019.1.0.0 release.
• Published interest rate changes as of December 22, 2018, that are effective January 1, 2019, as follows:
  • Alabama from 5.00% to 6.00% for both underpayments and overpayments
  • Arizona from 5.00% to 6.00% for both underpayments and overpayments
  • California from 4.00% to 5.00% for underpayments and 1.00% to 2.00% for overpayments
  • Colorado from 7.00% to 8.00% for both underpayments and overpayments
  • Federal from 5.00% to 6.00% for underpayments and 4.00% to 5.00% for overpayments Continue reading →

Effective October 1, 2018, the interest rate for both underpayments and overpayments for the state of Alaska increased from 7.75% to 8.00%. In addition, the following changes, due to become effective January 1, 2019, have already been incorporated:

• California will change from 4.00% to 5.00% for underpayments and 1.00% to 2.00% for overpayments.
• Colorado will change from 7.00% to 8.00% for both underpayments and overpayments.
• Idaho will change from 4.00% to 5.00% for both underpayments and overpayments. Continue reading →

Release 18.3.0.2 incorporates some improvements in handling special cases for calculations done using the Custom Calculation panel, mainly in the area of flagging potential conflicts such as mixing large federal underpayments and overpayments.

Release 18.3.0.1 includes a rate increase from 7% to 8% for Florida retroactive to July 1, 2017.

Release 18.3.0.0 reflects the following changes effective July 1, 2018:

• Alaska changed from 7.50% to 7.75% compounded quarterly for both underpayments and overpayments.
• Illinois changed from 4.00% to 4.50% simple interest for both underpayments and overpayments.
• Michigan changed from 5.15% to 5.41% simple interest for both underpayments and overpayments. Continue reading →

Release 18.2.0.0 reflects the following changes effective April 1, 2018:

• Alaska changed from 7.25% to 7.50% compounded quarterly for both underpayments and overpayments.
• Alabama changed from 4.00% to 5.00% simple interest for both underpayments and overpayments.
• Arizona changed from 4.00% to 5.00% compounded annually for both underpayments and overpayments.
• Federal changed from 4.00% to 5.00% compounded daily for underpayments and 3.00% to 4.00% compounded daily for overpayments. Continue reading →

Note: Because of a minor bug in 18.1.0.0, we released 18.1.0.1 after the earlier version was online for a few hours. Read more

Both Release 18.1.0.0 and 18.1.0.1 reflect the following changes effective January 1, 2018:

• Alaska reverted to a single rate for all corporate income taxes and converted calculation of non-Oil and Gas Production to quarterly compounding. The interest rate was set at 7.25%.
• Georgia changed from 6.75% to 7.50% for both underpayments and overpayments. Continue reading →

This release adjusts the calculation of non-oil and gas production interest for the State of Alaska. Previously, Instant Interest calculated simple interest from January 1, 2014, forward based on the tax due, amounts paid, and interest accrued as of that date. However, after conferring with the Alaska Department of Revenue, we have modified the calculation to use only the original tax amount due and the amounts paid. Continue reading →

This release reflects the following changes:

• Effective October 1:
  • Missouri changed its refund rate from 0.7% to 0.8%.

• Effective January 1, 2018:
  • Idaho will change its rate from 3.0% to 4.0%.
  • Michigan will change its rate from 4.70% to 5.15%.

This release reflects the following changes:

• Effective July 1:
  • Alaska changed from 4.50% to 4.75% for non-oil and gas production; 8.50% to 8.75% for oil and gas production,
  • California changed from 0.00% to 1.00% for overpayments. Continue reading →